Donald Trump’s social media company on Monday filed paperwork with the Securities and Exchange commission that could allow the president’s trust to sell more than $2 billion of shares.
Trump Media and Technology Group filed a registration with the SEC that would open the door for the president’s trust to sell up to nearly 115 million shares, which are worth more than $2.3 billion.
The filing does not guarantee the sale of the shares nor provide any information about a future sale. Since Trump took office, he transferred his stake of the company into the Donald J. Trump Revocable Trust, which is controlled by his son, Donald Trump Jr.
President Donald Trump’s social media platform Truth Social is shown on a cell phone on March 25, 2024 in Chicago, Illinois.
Scott Olson/Getty Images
A sell-off from Trump, the company’s largest individual shareholder, could panic investors and damage the company’s stock price.
Trump Media could not be immediately reached for comment.